Search This Blog

Monday 11 February 2013

UK Financial News on 2013-02-11

Trading slump fuels fears European equity markets have failed
Capital markets are unable to fill funding gap left by banks because of structural flaws.....

Vervoer drops conflict of interest claim against GSAM
The £11bn Dutch scheme suing Goldman Sachs Asset Management International has withdrawn one of its allegations after GSAM files defence.....

Accounting body considers end to DVA distortions
Confusion over debt valuation adjustments could be coming to an end under a new proposal on quarterly reporting standards.....

3i plots new future with managed accounts
UK buyout firm will not raise a traditional fund for several years, chief executive says.....

UK property fund managers put up the gates
Move to impede investor exits comes as performance stalls amid growing divide in property values.....

Financial sponsors win flexibility with high-yield terms
Private equity firms have taken advantage of the strong demand for high-yield paper by winning concessions on change-of-control provisions.....

Marex loads up for Asian growth
Commodity futures broker is to almost triple its Singapore staff and widen its sector coverage.....

Norgrove hits out at pensions smoothing
Former Pensions Regulator chairman slams government idea for schemes to massage down their liabilities.....

Knight rides to the rescue of Jefferies
High-frequency broker which Jefferies saved last year accounted for more than a fifth of the US bank's equities revenues.....

Auditor code could lead to more banker prosecutions
Lawyers say new code of conduct for internal auditors in financial services will strengthen misconduct cases.....

RBS boss 'should get his bonus'
The boss of Royal Bank of Scotland (RBS) should not have to cancel his bonus in light of the Libor rate-fixing scandal, the bank's chairman tells MPs......

Energy firms' 15,000 daily gripes
The UK's major energy companies collectively received more than 15,000 complaints every day on average in the last three months of 2012......

Barclays misled shareholders in 2008
Barclays bank misled shareholders and the public about one of the biggest investments in the bank's history, a BBC investigation finds......

Euro rises as finance ministers meet
The euro has risen against the pound and the yen as eurozone ministers prepare to discuss the currency's recent strength......

Tesco value bolognese 60% horsemeat
Some Tesco Everyday Value Spaghetti Bolognese contains 60% horsemeat, the retailer says, as the government details plans for processed beef testing......

Business confidence 'hits new low'
Confidence among UK businesses hit its lowest level in at least 21 years last month, a survey suggests, renewing recession fears......

Care plans to bring 'peace of mind'
Health Secretary Jeremy Hunt says proposed changes to social care in England, including a 75,000 cap on nursing costs, will bring greater fairness to the system......

Australia summons technology giants
Technology giants Apple, Microsoft and Adobe are called by the Australian parliament to appear before a committee looking at pricing levels......

Accounting watchdog probes Autonomy
The British software group Autonomy is being investigated by the UK's accountancy watchdog, the Financial Reporting Council......

Warning over infrastructure spending
"Far-reaching reforms" are needed to assist global investment in areas such as infrastructure, a report from the Group of Thirty says......

London Market Report
The pound falls back against both the euro and dollar as traders worry over the possibility of more monetary easing to help the UK economy......

Finance firm cuts nearly 200 jobs
Finance firm JP Morgan cuts nearly 200 jobs at its Swindon offices, the company confirms......

Scottish economy 'gains momentum'
The Scottish economy gained momentum at the start of the year, according to a survey of purchasing managers......

Australia home loan approvals slide
Home loan approvals in Australia decline for a third straight month despite moves by the central bank to lower the cost of borrowing......

Barclays shuts 'tax avoidance' unit
Barclays is to close down a controversial part of its business which helps clients avoid tax, the BBC understands......

Horsemeat scandal leads to Romania
The Romanian government is investigating whether horsemeat discovered in beef products in Britain and France came from an abattoir in Romania......

VIDEO: Euro rate concern for Europe
France is set to voice concerns about the strength of the euro at a meeting of eurozone finance ministers later......

VIDEO: Chinese hopes for Year of the Snake
Many are hoping the Year of the Snake will bring a change of luck for the Chinese economy.....

VIDEO: Grade: UK film industry 'brilliant'
Lord Grade says Britain is the best place in the world to make movies......

Viewpoint: Megatrends that will change everyone's lives
These megatrends will change your life.....

Imax sets its sight on Bollywood
Bollywood key to global success.....

Markets rally, but investors look beyond the Brics
Attractions of the minnow economies.....

How can you pay for long-term care?
The options if you need to find the money for a home or help.....

U.S. Day Ahead: Obama's State of the Union to target economy
Feb. 11 - President Obama is likely to outline proposals on infrastructure, clean energy and education to kick start economic growth when gives his latest State of the Union address Tuesday night......

Daily Digit: 15 million euros
Feb. 11 - In a surprise move, Pope Benedict is leaving as head of the Roman Catholic Church, centered at the Vatican, a government operating at with a deficit. Conway G. Gittens reports......

Techquity: Innovation time at Apple?, Prime time for Amazon
Feb 11 - Apple reportedly considers a new device while Amazon does another deal for its Prime service......

RBS "mess" stills needs clearing up says CEO
Feb. 11 - Royal Bank of Scotland Chief Executive Stephen Hester gives evidence to a UK parliamentary banking committee. Rough Cut (no reporter narration)......

Breakingviews: One Dell of a deal
Feb 11 - Antony Currie and Breakingviews columnists discuss why Southeastern is right that the PC maker is worth more than the $24.4 bln founder Michael Dell has offered but why the asset manager's $42 bln target looks a stretch......

Finance ministers talk currency and Cyprus
Feb. 11 - Closer co-operation on exchange rate policy is high on the agenda at the first Eurogroup meeting with Dutchman Jeroen Dijsselbloem in the chair. Sonia Legg reports......

Trading at Noon: Dell shareholders hit the backspace key
Feb. 11 - Dell says it will consider options before deciding to go private, after several investors objected to the $24 bln deal.....

Barclays results to outshine European peers StarMine
Feb. 11 - Barclays full-year results are set to overshadow those from Societe Generale, BNP Paribas and Commerzbank but, Barclays has the lowest return on equity compared to its European counterparts......

Europe Day Ahead: Culture change at Barclays
Feb. 11 - CEO Antony Jenkins will stamp his ethics on the bank as it struggles to regain its reputation in the wake of the Libor scandal. President Obama delivers his State of the Union address to Congress......

3XSQ: Apple experimenting with "iWatch"
Feb 11 - Apple is experimenting with the design of a device similar to a wristwatch that would operate on the same platform as the iPhone, the New York Times has reported......

Trichet calls on U.S., Asia to cool weak FX fervor
his view on the euros recent rise, and the euros place in the so-called global currency war......

Social media - the new addiction
Feb. 11 - Social media addiction has become an official condition. A clinic in London is treating more than 100 sufferers a year, with a professional footballer among those receiving counseling. A study last year by the University of Chicago suggeste.....

Daily Digit: Novo Nordisk shares slide
Feb.11 - Shares in Danish drugmaker Novo Nordisk fell by as much as 15%, after it was hit hard by U.S. regulators' demands for further clinical testing of its new long-acting insulin drug Tresiba. Joanna Partridge reports.....

Reuters Breakingviews: Extraordinary times call for money printing
Breakingviews. Plus the bright side of the horsemeat scandal......

Reuters Today: Big week for big talk
Feb. 11 - U.S. President Obama puts the final touches to the State of the Union, policy makers from around the globe pack for the Moscow G20 summit, and Eurogroup leaders meet the new boss......

U.S. Morning Call: U.S. Air, AMR near $11 billion merger
Feb 11 - Under terms of a deal that are still being finalized, US Airways Chief Executive Doug Parker would become CEO of the combined airline......

Market Pulse: Expect noises on currency wars, little action
Feb. 11 - Upcoming Euro group, Ecofin and G20 meetings are likely to discuss the so-called currency wars, but don't expect them to do anything about it, says HSBC's Daragh Maher......

Virgin Media delays bonuses to avoid top tax rate
Virgin Media, the pay-television business being bought by US giant Liberty Global, has invited staff to delay their bonuses so that they can avoid the top rate of tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

RBS executive John Hourican tells colleagues 'not to waste my death'
Royal Bank of Scotland's outgoing executive John Hourican has warned colleagues not to waste "my death" after ordering them to get angry over the Libor scandal that led to his resignation.<img width='1' height='1' src='http://telegraph.feedsportal.....

The cross-examanination of RBS
Current and former senior Royal Bank of Scotland executives faced tough questioning from the Commission on Banking Standards.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2876016d/mf.gif' border='0'/><br/.....

George Osborne has three Budget priorities
Next month, the Chancellor needs to provide a clear path to recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2876016e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Maker's Mark goes a little heavy on the water
Firm dilutes bourbon as 'demand ... is exceeding our ability to make it'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2876016f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

Questor share tip: Risks are not yet over for Essar Energy
Centrica was right to walk away from nuclear new build. Questor says hold. sell.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28760171/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

Market off the boil? Not in millionaires' row
Sales of multi-million pound properties offering home comforts such as private spas and wine cellars rose a "staggering" 71pc in the final three months of 2012, according to Land Registry figures.<img width='1' height='1' src='http://telegraph.fee.....

Shell and BP seek to preserve Brent benchmark through contract changes
Royal Dutch Shell and BP have instigated changes to their oil trading contracts in an attempt to help preserve the credibility of the Brent crude oil benchmark despite declining North Sea production.<img width='1' height='1' src='http://telegraph......

Avoid Fidessa for the moment
Last year was a bit of a disappointment for Fidessa Group, a company that provides software and trading systems to brokers, investors and banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28756d9f/mf.gif' bor.....

No one really understands what's going on in our economy
Does anyone properly understand what's happening in the UK economy anymore?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28756bc8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.c.....

Cotswold Outdoor unveils 14pc sales jump
Clothing and equipment retailer Cotswold Outdoor has provided a welcome boost to the sector after it unveiled a 14pc jump in sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28756bca/mf.gif' border='0'/>&.....

RBS executives quizzed by MPs: as it happened
Royal Bank of Scotland's executives give evidence before the Parliamentary Commission on Banking Standards.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28751e88/mf.gif' border='0'/><br/><br/><.....

RBS executives quizzed by MPs - live
Royal Bank of Scotland's executives give evidence before the Parliamentary Commission on Banking Standards.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28733481/mf.gif' border='0'/><br/><br/><.....

Iceland still at risk of economic shock, economist warns
Iceland faces another "unavoidable" economic shock as the country tries to resolve its currency overhang, a World Bank economist has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28760deb/mf.gif' border=.....

Blinkx shares buoyed by US election
The online video search group surged in trading today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28751c7a/mf.gif' border='0'/>.....

Eurogroup: no decision on Cyprus bail-out until March
Eurozone finance ministers said they were discussing "all options" on a bail-out for Cyprus but insiders said any concrete decision was likely to be delayed until after the impending elections.<img width='1' height='1' src='http://telegraph.feedsp.....

RBS boss Stephen Hester 'should take bonus'
Royal Bank of Scotland boss Stephen Hester should not have his bonus cut as a result of the rate-rigging scandal, the bank's chairman has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28751c7c/mf.gif' bord.....

Firms must overcome equity selling 'aversion'
BCC and Labour to create a blueprint for a 'British Investment Bank'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28747843/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Attempts to devalue euro could backfire, warns ECB's Jens Weidmann
A member of the European Central Bank's governing council has warned that any government attempts to push the euro lower could backfire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28747848/mf.gif' border='0'/.....

Written evidence from RBS
The following is a submission received by the Parliamentary Commission on Banking Standards from RBS Group in response to its original call for written evidence.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/287.....

Raindance finds ideal web location
How Raindance Film Festival survived falling corporate sponsorship and cuts to public arts spending.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2874719a/mf.gif' border='0'/><br/><br/><a href.....

Watch live: RBS boss Stephen Hester quizzed by MPs
Royal Bank of Scotland's boss, Stephen Hester, appears before the Parliamentary Commission on Banking Standards along with other executives from the state-backed bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Eurozone finance heads split over exchange rate controls
Finance ministers from the 17-nation single currency bloc are set for clashes over exchange rate policy and Cypriot aid in a crucial meeting on Monday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28733ac2/mf.g.....

Mike Lynch faces UK investigation into Autonomy results
Mike Lynch, the British technology entrepreneur who founded Autonomy, has found himself at the centre of a new accounting row after the Financial Reporting Council launched an investigation into its financial reporting.<img width='1' height='1' sr.....

Mike Lynch in spotlight as FRC probes Autonomy financials
Mike Lynch, the British technology entrepreneur who founded Autonomy, has found himself at the centre of a new accounting row after the Financial Reporting Council launched an investigation into some of the results it published as a listed company.&l.....